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History: Current business model for the music industry is a dinosaur; Challenges: Changes, advances and increasing options have left artists with no straightforward solution, there is no guiding hand; Situation: Systems and tools currently offered are not particularly innovative, useful, or fun to use; Solution: Aligning industry stakeholders, automating that which can be automated, eliminating waste, and creating a connection movement that strengthens bonds- particularly those between artists and fans
History Until the 1950s, the major deliverable of the music industry was sheet music. The introduction of the record significantly changed this dynamic, as music could be consumed in an entirely new way. Record labels became dominant players in the music business. The LP further strengthened their position, and recorded music became the most consumed product in the industry. The growing popularity of CDs and digital music in the late 20th and early 21st centuries enabled recorded music to become even more portable, and vast libraries of music became accessible regardless of physical location. However, these improvements in the experiences for the consumer brought obsolescence to old models; ironically, the growing popularity of digital music killed sales of digital music.
Despite this reality, the traditional producer-consumer dynamic has remained largely unchanged since records were first introduced to the market. The biggest entities in the modern music industry (mid 20th-early 21st century) continue to rely upon the sale of compositions, recordings, and performances of music as their primary sources of revenue. Physical and digital recording sales remain the primary component of income. Recent gains in digital recording sales and other unique, primarily artist driven initiatives have been promising. However, this boost has not been sufficient enough to make up for the nearly fifty-percent drop in income from physical sales since 2000.
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